Large percentage of Townsville homes selling at a loss

first_imgGeneric imageMORE than 46 per cent of Townsville homes sold for less than the owners paid for them in the June quarter as the Townsville property market continues to languish.Core Logic released their Pain and Gain report for the June quarter which assesses gross profit and loss based on dwelling resales.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Townsville falls well below the national average of profitable dwelling sales which sits at 89.8 per cent while in regional Queensland the average sits above 80 per cent for both houses and units. However the report stated that transactions volumes are no longer falling but demand remains low so people selling who bought at the peak of the market are likely to incur a loss.CoreLogic analyst Cameron Kusher said the high amount of properties sold at a loss was representative of falling property prices.“Unfortunately Townsville is continuing to see more and more homes reselling at a loss,” he said. “It is up slightly, 45 per cent of homes the previous quarter, 46.1 per cent this quarter and it really just highlights the market is continuing to struggle continuing to see values fall and obviously a lot of people are looking to exit that market, not a lot of people are looking to enter and people are having to discount their prices to get out.”last_img read more